Career commodity trader Peter L. Brandt is now claiming that Bitcoin is at a “low for this cycle right now,” according to a recent TradingView post.
This call for a bear market has been met with skepticism, but given the accuracy that Brandt has made related to cryptocurrency bets in the past, there may be more validity than investors are ready to accept.
Peter L. Brandt TradingView Post Calls For Cycle Low In BTC
In a new TradingView post currently trending in the charting platform’s editor’s picks section, career commodities trader Peter L. Brandt said that the lowest cycle for the crypto market has happened “right now.”
Although Brandt did not immediately state that the bottom is already there, he believes that Bitcoin’s behavior is “predictable” and should see a strong advance after a drop of almost 80%.
Brandt famously called for an 80% drop in BTCUSD at the end of January 2018 after the 2017 parabolic advance was breached. At the time, Brandt called it “a general TA rule, finally meeting the sub-$4,000 target some eleven months later in December of the same year.
A closer look at Brandt's analysis | BTCUSD on TradingView.com
What Career Traders Expect For Bitcoin In 2023 And Beyond
“I don’t expect Bitcoin to run to the upside, but higher in late 2023/early to mid-2024 when the ATH is tested again,” he said, pointing to the chart above to justify his analysis.
The Factor LLCCEO is a classic chartist, and in his TradingView post he shows a 6-month timeline chart. Other visual cues that aid the analysis include the largest selling volume on the BTCUSD index chart.
Peter L. Brandt has earned a polarizing reputation in the cryptocurrency community. The comments section has taken jabs at traders with 40 years of experience.
According to the CMT Association, Brandt founded Factor LLC in 1980, but entered the commodity trading business in 1976 with ContiCommodity Services.
He is also published as an author, releasing the book “Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading” in 2011 – the same year he was named one of the 30 most influential people in the world of finance by Barry Ritholtz.
Today, Brandt is one of the contributing analysts on Bitcoin.live along with Bob Loukas and other well-known traders.